TLDR
- Eric Adams will not seek reelection as NYC mayor in the 2025 race.
- Adams blamed withheld public funds and legal costs for his exit.
- His departure raises questions about New York’s crypto direction.
- Zohran Mamdani leads the mayoral race with 84.6% in Polymarket.
New York City Mayor Eric Adams, once a strong advocate for digital assets and blockchain innovation, announced on Sunday he will not seek a second term. His decision follows growing financial troubles linked to a recent federal investigation and the freezing of campaign funds. With Adams stepping aside, uncertainty surrounds the city’s crypto-friendly policies as the 2025 mayoral race enters a new phase.
Adams Ends Campaign Citing Financial Pressure
Mayor Eric Adams confirmed on Sunday that he is ending his bid for reelection. In a video message posted to social media, Adams said that financial challenges have made it impossible to continue.
“Despite all that we have achieved, I cannot continue my reelection campaign,” Adams stated. He added that public speculation and the withholding of public funds by the Campaign Finance Board made it difficult to raise the money needed to stay in the race.
Adams is currently facing pressure after a federal bribery case, which was later dismissed. However, the case has reportedly caused funding issues for his campaign. He pointed to the loss of millions in public matching funds as a major obstacle.
Crypto Push Now in Question
Adams had promoted New York City as a future “crypto capital of the globe.” He supported blockchain technology and welcomed crypto firms. Earlier this year, Adams said the city was “open for business” for digital asset companies.
He proposed the creation of a digital advisory council to attract investment and jobs in the crypto space. He also called for changes to the state’s strict BitLicense program, which he said was holding back innovation. One of his more controversial ideas was the introduction of a Bitcoin bond.
New York City Comptroller Brad Lander rejected the bond proposal, calling it “legally dubious and fiscally irresponsible.” His stance reflected broader skepticism from local lawmakers about using public resources for cryptocurrency projects.
Political Landscape Shifts Without Adams
With Adams out of the race, attention is now on Assemblyman Zohran Mamdani, the current frontrunner. Mamdani is a democratic socialist and leads by a wide margin, according to Polymarket prediction markets.
He has not yet shared clear plans for digital asset policy, and some industry voices are concerned his views may not support crypto growth. Adams had previously warned that Mamdani’s platform could reverse the city’s openness to blockchain and fintech firms.
Former Governor Andrew Cuomo, who is currently polling in second place, has a mixed record on crypto. He worked with OKX, a crypto exchange, during a federal probe. Cuomo’s past involvement in the space shows some level of engagement, but it is unclear what role he would play if elected.
Timeline to Transition
The next mayoral election is scheduled for November 4, 2025. Adams will continue to serve until January 1, 2026, when the new mayor is sworn in. His exit from the race leaves a gap in leadership for the crypto sector in New York City.
During his time in office, Adams promoted blockchain as part of the city’s economic future. He also took part of his paycheck in Bitcoin to show his support. However, ethics concerns and the loss of campaign support have now brought his time as mayor to an early end.
While he has exited the race, Adams said his time in public service is not over. “I will continue to fight for this city,” he said.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
